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By Samant SikkaIn the last decade, Fintech has come a long way. And there is all probable cause to believe that Fintech would be the pioneer in shaping the future of India’s financial ecosystem.

With the growth of mobile devices in the Indian populous, especially in cities that are construed to be beyond the top 15 cities of the country, the use of mobile based applications has increased manifolds. And thus has the use of mobile applications that allow people to better make use of their money.

With big players revolutionising India’s payment space, banking services from all major public & private sector banks making their way into people’s mobile phones and new and coming fintech apps allowing people to invest and grow their money in mutual funds, the fintech landscape of India looks promising.

This promise holds true on the fintech landscape that has been built in the past few years:

Government Schemes The JAM Yojana by the Indian government, is at the forefront of this financial revolution. With Government schemes like the Jan Dhan Yojana, over 25 crore people have been linked to the banking structure of the country.

This financial inclusion has only been possible because of the development in the fintech landscape. More avenues are being explored in the sense of digital payments, online purchases, and even in facilitating the last mile connectivity.

Regional LanguagesAnother crucial way in which fintech is excelling in order to improving the financial landscape of the country is by providing financial services in languages that people speak. India is a land of many languages, and when your mobile applications speak your own language, it makes more sense for people to put their trust in the fintech applications.

Offering financial services in regional languages like Bengali, Tamil, Telugu, Kannada, Malayalam, etc. has allowed these fintech applications to spread at a fast pace across the nation, especially in the B-15 cities of India.

Adaptability of these services has also been made easier because of the regional language approach.

Investment OpportunitiesFintech has also enabled new investment opportunities for the masses by giving them access to multiple investment options. These include not only the traditional bank savings options like FDs & RDs but also options like mutual funds and stocks.

All this has been enabled because of the advent of fintech into India’s financial ecosystem. The government of India has also played an equal hand in this regard with their programs like the Digital India program.

In conclusion, fintech has gradually become one of the pillars of India’s financial ecosystem. And in the time to come, this pillar is what will structure the next decade of India’s financial ecosystem.